Buyouts Insider/Argosy Group LLC produces several free newsletters that are sent directly to the email you provide at registration (namely, PE Hub Wire, PE Hub Canada Wire, PE Hub Wire Top Story of the Week, Buyouts Daily, and VCJ Alert). To enable us to keep providing these services free of charge, we reserve the right to contact you with special invitations to sample or purchase private equity-related products.

By submitting this free subscription request for any of these products, you are also consenting to this communication. Should you ever wish to unsubscribe from a particular communication you may activate the unsubscribe mechanism at the bottom of the email. This will discontinue both the special invitations mentioned previously, as well as your subscription to the weekly newsletter. The information you provide will be safeguarded by Argosy Group LLC/Buyouts Insider. The company’s subsidiaries may use it to keep you informed of relevant products and services. We occasionally allow reputable companies outside of the company to mail details of products which may be of interest to you. As an international group, we may transfer your data on a global basis for the purposes indicated above.

WE WILL NEVER SHARE YOUR EMAIL OR CONTACT DETAILS WITH ANY OUTSIDE COMPANY HOWEVER.

Should you have any questions please do not hesitate to contact us: [email protected].

CPPIB agrees to buy Wilton Re for $1.8 bln

Canada Pension Plan Investment Board said Friday that it has agreed to acquire Wilton Re for $1.8 billion. The sellers include Stone Point Capital, Kelso & Company, Vestar Capital Partners and FFL. Headquartered in Hamilton, Bermuda, Wilton Re is a life insurance provider for the U.S. market.

PRESS RELEASE

Toronto, ON, Canada (March 21, 2014): Canada Pension Plan Investment Board (CPPIB) announced today that a wholly-owned subsidiary of CPPIB, together with the management of Wilton Re, have entered into a definitive agreement to acquire 100% of the common stock of Wilton Re Holdings Limited for US$1.8 billion from a group of investors led by Stone Point Capital, Kelso & Company, Vestar Capital Partners and FFL. The transaction is subject to regulatory approvals and other customary closing conditions.
Wilton Re is a provider of life insurance and reinsurance solutions to the U.S. life insurance market and a leading acquirer of closed blocks of life insurance policies. Since its inception in 2005, Wilton Re has successfully invested over US$1.7 billion in a variety of strategic in force reinsurance and M&A transactions.
“In making a long-term investment in Wilton Re, CPPIB views the company as an ideal platform through which CPPIB can deploy significant follow-on capital at scale in the U.S. life insurance sector,” said André Bourbonnais, Senior Vice-President, Private Investments, CPPIB. “Closed-block life insurance is an asset class with attractive risk-adjusted returns, well-suited to our long-term horizon.”
“CPPIB ownership positions the company for growth and enhances our service offerings to clients and policyholders,” said Wilton Re Chairman and CEO, Chris Stroup. “CPPIB represents the next phase for Wilton Re – a strategic owner, committed to our business model, with a very long term investment horizon and unparalleled capital resources. Under CPPIB ownership, we anticipate the capital resources necessary to accelerate growth and expand our core In Force Solutions and middle market insurance, and enhance our competitiveness overall.”
“We are investing alongside and share a common vision with Wilton Re’s management team, led by Chris Stroup, and together we plan to invest further capital into the business to support its continued growth for many years to come. As a AAA rated long-term investor, we believe CPPIB is an ideal shareholder for Wilton Re’s employees, policyholders and client partners,” said Mr. Bourbonnais.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London, Hong Kong, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2013, the CPP Fund totalled C$201.5 billion. For more information about CPPIB, please visit www.cppib.com.
About Wilton Re
Wilton Re is headquartered in Hamilton, Bermuda and specializes in the acquisition and management of blocks of in force life insurance and annuities, as well as with assisting life insurance clients with product development, underwriting, and new business strategies for the middle market. Through its U.S. Holding Company, Wilton Re U.S. Holdings Inc., Wilton Re focuses on the U.S. life insurance market where the company provides risk capital and related services including M&A, reinsurance and longevity risk management. Wilton Re also partners with companies to implement new business strategies for middle market sales, with an emphasis on worksite, senior market and simplified term life insurance products. Wilton Re’s U.S. operations are centred in Wilton, Connecticut, with additional offices in Nashville, Tennessee and Waco, Texas. As of December 31, 2013, Wilton Re had US$8.2 billion of total assets, US$1.2 billion of operating revenue and US$1.4 billion of US GAAP equity. For more information about Wilton Re, please visit www.wiltonre.com.